Mattel, Inc. announced that it has completed the acquisition of HIT Entertainment from a consortium of funds led by Apax Partners for $680 million in cash. HIT Entertainment is one of the largest independent owners of preschool intellectual property, including ThomasÂ & FriendsÂ®, BarneyÂ®, Bob the BuilderÂ®, Fireman SamÂ® and Angelina BallerinaÂ®.Â The Company previously announced its proposed acquisition of HIT Entertainment by press release on October 24, 2011.
The acquisition combines Mattel’s global marketing, distribution and brand management capabilities with HIT Entertainment’s global programming and licensing expertise to accelerate growth of the combined portfolio. “Mattel is thrilled to welcome the HIT Entertainment talent to our family under the direction of Fisher-Price Executive Vice President, David Allmark,” said Bryan Stockton, Chief Executive Officer of Mattel. “This acquisition supports our strategy to own, develop and grow world-class brands, further igniting the momentum behind our innovative toys and consumer products in the marketplace.”
“This is indeed a momentous day for Mattel, especially Fisher-Price,” said Allmark. “I am very excited about the prospects ahead for the collective Fisher-Price and HIT Entertainment brand portfolio. Each business has complementary capabilities — the combination of which presents a dynamic future.”